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Dubailand and Dubai Sports City properties the most coveted
New developments are seeing strong demand for sales and rentals, reveals report by propertyfinder.ae.
October 21, 2013 1:27 by kippreport
The quarterly study points out that the demand for properties in the Dubai Sports City and Jumeirah Village Circle is growing, as rents have risen across the emirate.
“International City moved up one place in the list of most searched locations to buy a property in Dubai this quarter,” says Renan Bourdeau, managing director and partner at propertyfinder.ae.
“Similarly, Jumeirah Village Circle, which was 18th in the rankings in Q1, has jumped to the seventh place this quarter. On the leasing front, the Dubai Sports City performed really well, racing ahead from 18th position in 2012 to secure the 11th spot in the most searched rental communities list in Q3 2013, supporting the observation that secondary locations are improving, as end users and tenants look to relocate from prime areas to more affordable neighbourhoods.”
With approximately 3,400 units added to the city’s residential stock inventory in communities such as Jumeirah Park, Dubailand and Downtown Jebel Ali in Q3, the residential market is seeing robust recovery in tandem with economic growth, improving demographics, government spending on infrastructure, increasing housing regulation and positive investor sentiments.
“With future stock that is expected to hit the market in 2015 also located in emerging neighbourhoods, such as the Dubai Sports City, Business Bay and Jumeirah Village, the demand for sale and rental properties in these communities is likely to continue growing,” adds Bourdeau.
A report from CBRE, released earlier this summer, shows that rental prices in Dubai increased by approximately 14 per cent in Q1 2013 alone, while villa rents have increased in the past six consecutive quarters.
The rental rates for villas were up by six per cent in Q2 this year, with two-bedroom units seeing a massive 36 per cent year-on-year increase.